AbbVie (NYSE:ABBV) Stock Price Down 2.4% – Here’s What Happened

AbbVie Inc. (NYSE:ABBV)’s stock price was down 2.4% on Monday . The stock traded as low as $253.60 and last traded at $254.77. Approximately 6,875,470 shares were traded during mid-day trading, a decline of 5% from the average session volume of 7,206,849 shares. The stock had previously closed at $261.07.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent research reports. Guggenheim restated a “buy” rating and set a $249.00 target price on shares of AbbVie in a research report on Friday, May 1st. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a research note on Tuesday, June 23rd. Morgan Stanley boosted their price objective on shares of AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Evercore set a $235.00 price objective on AbbVie in a research note on Friday, May 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.67.

AbbVie Stock Down 2.4%

The company has a market capitalization of $450.13 billion, a PE ratio of 125.50, a PEG ratio of 0.86 and a beta of 0.30. The company’s 50 day moving average is $220.19 and its two-hundred day moving average is $220.25.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.46 EPS. Analysts forecast that AbbVie Inc. will post 14.28 EPS for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $1.73 per share. This represents a $6.92 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 340.89%.

Institutional Trading of AbbVie

Hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in AbbVie during the fourth quarter valued at $5,865,055,000. Wellington Management Group LLP grew its stake in shares of AbbVie by 457.4% in the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after buying an additional 8,646,424 shares in the last quarter. Capital World Investors increased its holdings in shares of AbbVie by 106.3% in the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after buying an additional 6,736,161 shares during the last quarter. Cardano Risk Management B.V. increased its holdings in shares of AbbVie by 914.6% in the 4th quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after buying an additional 4,908,260 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of AbbVie by 10.4% during the 4th quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock valued at $10,179,099,000 after buying an additional 4,190,487 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Company Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.